According to Global Hunter Securities (GHS)
tonnage trading spot is fetching $14,100 per day, which represents a daily decline
of nearly 5%.

In a client briefing the investment bank
pointed out that capesize bulkers were commanding day rates of approximately $7,000
on average 12 months prior.

“Spot rates have been stuck in a
pattern, unable to break away from the low-to-mid teens,” added equity analyst
Omar Nokta in the report.

“The iron ore trade remains a bright
spot, which has continued to keep capesize rates above year-ago levels;
however, the other segments are all below earnings of a year ago.”

The researcher noted that panamaxes,
supramaxes and handysizes trading spot are seeing day rates of around $5,300,
$8,000 and $6,900 on average, respectively.

Twelve months ago the same respective
sub-sectors of the drybulk segment reported daily earnings of $6,600, $9,400
and $7,800 on average.

Several equity analysts and industry
forecasters contacted by TradeWinds about the downward trend described it as “troubling”
but said there may be a silver lining in the clouds for investors.

Lacklustre rates have taken a toll on
US-quoted bulker stocks in recent months but many are confident a rally will
occur in the second-half, which is why some are urging clients to take
advantage of the decline by accumulating shares of certain “well capitalised” owners.